MetLife, TH Real Estate co-finance Gaw Capital London office deal
MetLife and TH Real Estate have financed Gaw Capital Partners’ purchase of a London office asset.
MetLife said it provided £149.5m (€207.5m), while TH Real Estate, on behalf of TIAA-CREF, provided £124.6m.
The fixed-rate £274.1m loan, which has a 10-year term, was provided at a 55% loan-to-value ratio.
Gaw Capital completed its purchase of the property in October.
Malaysia’s Lembaga Tabung Haji, which manages the annual Haj pilgrimage, sold the 480,000 sqft asset.
The asset, at 123 and 151 Buckingham Palace Road in the Victoria district of the UK capital and once owned by Ivanhoé Cambridge, was put on the market in March this year, according to media reports.
Peng Han Lee, director at Gaw Capital, which bought the asset for a consortium of Asian investors, said: “This is a rare and wonderful opportunity to re-unite such a large estate in a prime area of London’s West End after two decades of separate ownership.
“The ongoing regeneration of Victoria, both north and south of the train station, will only serve to further improve on the location and increase demand for a high-quality office product.”